By Marisa Wong
Morgantown, W.Va., March 31 – JPMorgan Chase Financial Co. LLC priced $7 million of buffered callable range accrual notes due Nov. 30, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The interest rate will be the interest factor of 5.8% per year multiplied by the proportion of days on which the index’s closing level is greater than or equal to 80% of the initial index level. Interest will be payable monthly and cannot be less than zero.
If the index return is greater than or equal to negative 20%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 20%.
Beginning May 31, 2017, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Buffered callable range accrual notes
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| Underlying index: | S&P 500
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| Amount: | $7 million
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| Maturity: | Nov. 30, 2023
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| Coupon: | 5.8% annualized for each day index is at or above 80% barrier; payable monthly
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| Price: | Par of $1,000
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| Payout at maturity: | Par if index finishes at or above buffer level; otherwise, full exposure to losses
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| Call option: | At par on any interest payment date beginning May 31, 2017
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| Initial level: | 2,090.54
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| Buffer level: | 1,672.432, 80% of initial level
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.986%
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| Cusip: | 46646ECA8
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